Gold Markets Ready for Trump Response on Hong Kong

Gold prices rose on Friday, supported by lingering U.S.-China trade tensions, while market participants cautiously awaited Washington’s response to the Chinese parliament’s approval of a national security law for Hong Kong.

Spot gold was up 0.5% at $1,727.18 U.S. an ounce overnight Friday in North America. U.S. gold futures rose 0.6% to $1,739.40.

U.S. President Donald Trump is expected to hold a news conference on China later on Friday as his administration moves to pressure Beijing over its treatment of Hong Kong.

Escalating U.S.-China tension has prompted investors to seek refuge in bullion, which is widely viewed as a safe-haven investment during times of political and financial uncertainty, and is on track for a more than 2% monthly gain.

Elsewhere, silver gained 0.9% to $17.58 U.S. an ounce and was heading for its biggest monthly gain since June 2016.

Palladium dipped 0.5% to $1,922 U.S. an ounce and was set for a third straight monthly fall. Platinum dropped 0.4% to $834.92 U.S. but was on track for a second consecutive monthly gain.